Gate.io to launch $100M innovation fund with Blockchain Center in Abu Dhabi
Gate Ventures, the venture capital arm of Gate.io, has partnered with Blockchain Center in Abu Dhabi to announce a $100 million funding round to drive Web3 innovation.
In the year On August 19, Gate.io announced its joint venture Falcon Gate Ventures, which backs Web3 developers. The exchange's investors said the fund is designed to “advance decentralized infrastructure and applications and accelerate the adoption of pioneering technologies.”
The two organizations will combine their expertise and resources to help recruit talent from key regions such as the United States, Asia, Europe and the Middle East and North Africa (MENA) region.
Abu Dhabi Blockchain Center to expand high-potential projects
Abdullah Al Dhaheri, CEO of the Blockchain Center in Abu Dhabi, said the collaboration aims to develop and expand “high-potential” blockchain projects. The executive said he shares Gate Ventures' commitment to accelerating the adoption and impact of blockchain innovation in the UAE and globally.
The Blockchain Center in Abu Dhabi was officially unveiled on August 1, marking a major milestone in the region's commitment to blockchain innovation. The organization aims to establish Abu Dhabi as a global leader in blockchain and create an ecosystem that supports academic institutions, enterprises and startups through initiatives and comprehensive services.
Gate Ventures Managing Partner Kevin Young said that with the partnership, they are “investing in the digital future” and promoting blockchain innovation around the world.
Related: Lawyer explains new federal virtual property law in UAE
In addition to driving blockchain innovation, the UAE continues to embrace digital assets in its traditional banking sector and employee payroll.
Ras Al Khaimah Bank dives into digital asset management
In the year On August 19, Ras Al Khaimah National Bank (RAKBANK) announced a partnership with crypto infrastructure provider Bitpanda Technology Solutions to create a digital asset management platform for residents of the United Arab Emirates.
While the group announced the joint effort, the project still needs approval from the Central Bank of the United Arab Emirates (CBAE).
The Dubai court has recognized crypto as a wage
In the year On August 16, UAE lawyer Irina Hever explained that the 2024 ruling on No. 1739 shows that the UAE's judicial system has shifted to crypto. In the case, the Dubai Court of First Instance ruled that the employee who sued the employer for receiving his salary in crypto as stated in their employment contract was guilty.
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